SHAREHOLDER ANNUAL REPORT 31 January 2017 FUNDS MFS MERIDIAN. Luxembourg-Registered SICAV RCS: B SICAV-UK-ANN-1/17

Transcription

1 SHAREHOLDER ANNUAL REPORT 31 January 2017 MFS MERIDIAN FUNDS Luxembourg-Registered SICAV RCS: B SICAV-UK-ANN-1/17

2 CONTENTS Letter from the Chairperson... 3 Performance table... 4 Notes to performance summary... 8 General information... 8 Corporate governance... 8 Certain risk management disclosures... 9 Shareholder complaints... 9 Schedules of investments Statements of assets and liabilities Statements of operations and changes in net assets Statistical information Notes to financial statements Addendum Independent auditor s report Directors and administration Primary local agents... back cover MFS Meridian Funds listing The following sub-funds comprise the MFS Meridian Funds family. Each sub-fund name is preceded with MFS Meridian Funds which may not be stated throughout this report. Absolute Return Fund Asia Pacific Ex-Japan Fund Blended Research European Equity Fund (formerly European Concentrated Fund) Continental European Equity Fund Diversified Income Fund Emerging s Debt Fund Emerging s Debt Local Currency Fund Emerging s Equity Fund European Core Equity Fund European Research Fund European Smaller Companies Fund European Value Fund Global Concentrated Fund Global Credit Fund Global Energy Fund Global Equity Fund Global Equity Income Fund Global High Yield Fund Global Multi-Asset Fund Global Opportunistic Bond Fund Global Research Focused Fund (formerly Global Research Fund) Global Total Return Fund Inflation-Adjusted Bond Fund Japan Equity Fund Latin American Equity Fund Limited Maturity Fund Managed Wealth Fund Prudent Capital Fund Prudent Wealth Fund U.K. Equity Fund U.S. Concentrated Growth Fund U.S. Corporate Bond Fund (formerly Bond Fund) U.S. Equity Income Fund U.S. Equity Opportunities Fund U.S. Government Bond Fund U.S. Total Return Bond Fund (formerly Research Bond Fund) U.S. Value Fund In case of a conflict between the English and translated versions, the English version will govern. MFS Meridian Funds Annual Report 2017

3 LETTER FROM THE CHAIRPERSON Dear Shareholders: Despite June s unexpected vote by the United Kingdom to leave the European Union and the surprising result in November s U.S. presidential election, most markets have proved resilient. U.S. share prices quickly reversed post-brexit declines, and indices reached new highs following the November elections. U.S. bond yields rose after Donald Trump s victory on hopes that his proposed policy mix of lower taxes, increased spending on infrastructure and a lighter regulatory burden for businesses will lift both U.S. economic growth and inflation. However, interest rates in most developed markets remain very low, with major central banks maintaining extremely accommodative monetary policies to reinvigorate slow-growing economies against a backdrop of still-low inflation. Even after the rise in yields following the election, interest rates remain low by historical standards. Globally, economic growth has shown signs of recovery of late, led by the United States and the eurozone. Despite better growth, there are few immediate signs of worrisome inflation. Emerging market economies are recovering at a somewhat slower pace amid fears that restrictive U.S. trade policies could further hamper the already slow pace of global trade growth. Looking ahead, markets will have to contend with a series of European elections during 2017, which, depending on the outcomes, could further call into question the future direction of the European Union. At MFS, we believe in a patient, long-term approach to investing. Viewing investments with a long lens makes it possible to filter out short-term market noise and focus on achieving solid risk-adjusted returns over a full market cycle. In our view, such an approach, along with the professional guidance of a financial advisor, will help you reach your investment objectives. Respectfully, Robin Stelmach Chairperson of the Board MFS Investment Management Company (Lux) S.à.r.l 13 April 2017 The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed. MFS Meridian Funds Annual Report

4 PERFORMANCE TABLE (unaudited) Total Rates of Return for the year ended 31 January 2017 Blended Research European Equity Fund (a) Continental European Equity Fund Emerging s Debt Fund Emerging s Debt Local Currency Fund Share Class Absolute Return Fund Asia Pacific Ex-Japan Fund Diversified Income Fund A1 (EUR) 5.29% 19.98% 14.00% 6.70% N/A 11.74% 12.38% A1 (GBP) N/A N/A N/A 20.52% N/A 26.13% N/A A1 (USD) 4.58% 19.21% 13.23% 6.02% 11.32% 11.01% 11.69% A2 (EUR) N/A N/A N/A N/A N/A N/A N/A A2 (USD) 4.62% N/A N/A N/A 11.35% 11.03% 11.63% A3 (USD) N/A N/A N/A N/A 11.26% 10.97% 4.11%(g) A4 (EUR) N/A N/A N/A N/A (1.11)%(g) N/A N/A AH1 (CHF) N/A N/A N/A N/A N/A 8.88% N/A AH1 (EUR) 3.61% N/A N/A N/A 10.20% 9.57% N/A AH1 (USD) N/A N/A 17.20%(g) N/A N/A N/A N/A AH2 (EUR) N/A N/A N/A N/A 10.47% 9.69% N/A AH3 (EUR) N/A N/A N/A N/A 9.84% 9.65% N/A AH4 (EUR) N/A N/A N/A N/A 1.39%(g) N/A N/A B1 (USD) 3.48% 18.28% N/A N/A N/A 9.91% 10.58% B2 (USD) 3.49% N/A N/A N/A N/A 9.93% 10.48% C1 (USD) 3.55% 18.27% 13.10%(g) 5.19% 10.08% 9.94% 10.48% C2 (USD) 3.61% N/A N/A N/A 10.22% 9.92% 10.49% C3 (USD) N/A N/A N/A N/A 10.26% 9.93% 3.39%(g) CH1 (USD) N/A N/A 16.80%(g) N/A N/A N/A N/A I1 (EUR) 5.86% N/A 15.16% N/A N/A N/A N/A I1 (GBP) 19.57% 36.91% 30.19% 21.98% N/A 26.88% N/A I1 (JPY) N/A N/A N/A N/A N/A N/A N/A I1 (USD) 5.31% 20.56% 14.41% 7.19% 12.08% 11.73% 12.35% I1X (GBP) N/A N/A N/A N/A N/A N/A N/A I1X (USD) N/A N/A N/A N/A N/A 11.72% N/A I2 (GBP) N/A N/A N/A N/A 27.28% 26.88% N/A I3 (USD) N/A N/A N/A N/A N/A N/A N/A IH1 (CHF) N/A N/A N/A N/A N/A 8.84% N/A IH1 (EUR) 4.32% N/A N/A N/A 10.67% 10.45% N/A IH1 (GBP) N/A N/A N/A 8.94% 11.85% 11.80% 12.08% IH1 (JPY) N/A N/A N/A N/A N/A N/A N/A IH1 (USD) N/A N/A 17.89%(g) N/A N/A N/A N/A N1 (EUR) N/A N/A N/A N/A N/A 11.17% 11.77% N1 (USD) 4.01% 18.63% 13.30%(g) 5.39% 10.65% 10.36% 11.09% N2 (USD) 4.03% N/A N/A N/A 10.76% 10.47% 11.17% N3 (USD) N/A N/A N/A N/A 10.68% 10.48% 3.70%(g) NH1 (USD) N/A N/A 16.90%(g) N/A N/A N/A N/A S1 (USD) N/A 20.43% N/A N/A N/A 11.62% N/A W1 (EUR) N/A N/A 15.04% 7.87% 12.73% 12.41% N/A W1 (GBP) N/A N/A N/A N/A N/A N/A N/A W1 (USD) 5.25% 20.45% 14.20%(g) 4.10%(g) 11.97% 11.56% 12.27% W2 (EUR) N/A N/A N/A N/A 12.66% 12.32% N/A W2 (GBP) N/A N/A N/A N/A N/A N/A N/A W2 (USD) 1.41%(g) N/A N/A N/A 11.99% 11.56% 12.34% W3 (EUR) N/A N/A N/A N/A 12.67% 12.30% N/A W3 (USD) N/A N/A N/A N/A 12.00% 11.54% 4.55%(g) WH1 (CHF) N/A N/A N/A N/A N/A 3.40%(g) N/A WH1 (EUR) N/A N/A N/A N/A 10.50% 10.42% 10.68% WH1 (GBP) N/A N/A 15.72% 9.44% 11.41% 11.22% 11.69% WH1 (USD) N/A N/A 17.80%(g) N/A N/A N/A N/A WH2 (EUR) N/A N/A N/A N/A 10.56% 10.02% N/A WH2 (GBP) N/A N/A N/A N/A 11.39% 11.71% N/A WH3 (EUR) N/A N/A N/A N/A 10.62% 10.05% N/A WH3 (GBP) N/A N/A N/A N/A 11.60% 11.18% N/A Z1 (EUR) N/A N/A N/A N/A N/A N/A N/A Z1 (USD) N/A N/A N/A N/A N/A 12.62% N/A Z2 (USD) N/A N/A N/A N/A N/A N/A N/A 4 MFS Meridian Funds Annual Report 2017

5 PERFORMANCE TABLE (unaudited) Share Class Emerging s Equity Fund European Core Equity Fund European Research Fund European Smaller Companies Fund European Value Fund Global Concentrated Fund Global Credit Fund Global Energy Fund Global Equity Fund Global Equity Income Fund A1 (EUR) 22.23% 7.21% 3.61% 4.81% 3.67% 13.27% 7.31% 18.84% 15.15% N/A A1 (GBP) N/A N/A N/A N/A 17.20% N/A N/A N/A 29.88% N/A A1 (USD) 21.31% 6.53% 2.94% 4.09% 3.04% 12.53% 6.69% 18.06% 14.38% 14.29% A2 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A A2 (USD) N/A N/A N/A N/A N/A N/A 6.60% N/A N/A 14.34% A3 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A 14.30% A4 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A AH1 (CHF) N/A N/A 3.14% N/A 3.39% N/A N/A N/A N/A N/A AH1 (EUR) N/A N/A N/A N/A N/A N/A 5.27% N/A N/A 12.42% AH1 (USD) N/A N/A 4.65% 5.88% 5.05% N/A N/A N/A N/A N/A AH2 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A 12.78% AH3 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A 12.81% AH4 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A B1 (USD) 20.50% 5.66% 2.21% 3.34% 2.23% 11.71% 5.65% 17.16% 13.51% N/A B2 (USD) N/A N/A N/A N/A N/A N/A 5.62% N/A N/A N/A C1 (USD) 20.39% 5.65% 2.25% 3.33% N/A 11.71% 5.65% 17.07% 13.53% 13.38% C2 (USD) N/A N/A N/A N/A N/A N/A 5.57% N/A N/A 13.39% C3 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A 13.35% CH1 (USD) N/A 7.82% 3.53% 5.03% N/A N/A N/A N/A N/A N/A I1 (EUR) 23.46% 8.45% 4.79% 5.84% 4.72% 14.42% N/A 20.20% 16.28% 16.25% I1 (GBP) 39.27% 22.59% 18.44% N/A 18.36% 29.07% 21.92% 35.59% 31.18% N/A I1 (JPY) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A I1 (USD) 22.64% 7.68% 4.10% 5.12% 3.97% 13.67% 7.36% 19.40% 15.51% 15.67% I1X (GBP) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A I1X (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A I2 (GBP) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A I3 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IH1 (CHF) N/A N/A 4.42% N/A 4.52% N/A N/A N/A N/A N/A IH1 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A 13.78% IH1 (GBP) 22.04% N/A N/A N/A N/A N/A 7.05% N/A N/A 14.34% IH1 (JPY) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IH1 (USD) N/A N/A 5.53% 6.85% 6.31% N/A N/A N/A N/A N/A N1 (EUR) N/A N/A 3.12% N/A 3.15% N/A N/A N/A N/A N/A N1 (USD) 20.73% 5.96% 2.52% 3.57% 2.50% 11.98% 6.00% 17.45% 13.83% 13.69% N2 (USD) N/A N/A N/A N/A N/A N/A 6.18% N/A N/A 13.70% N3 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A 13.66% NH1 (USD) N/A 7.76% 4.07% 5.35% N/A N/A N/A N/A N/A N/A S1 (USD) 22.84% N/A N/A N/A N/A 13.72% N/A N/A 15.40% N/A W1 (EUR) N/A 8.38% 4.67% 5.57% 4.46% N/A N/A N/A N/A N/A W1 (GBP) N/A 22.44% N/A N/A 17.97% 28.82% N/A N/A 30.90% N/A W1 (USD) 22.49% 7.59% 3.99% 4.91% 3.76% 13.30% 7.19% 19.27% 15.24% 15.38% W2 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A W2 (GBP) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A W2 (USD) N/A N/A N/A N/A N/A N/A 7.34% N/A N/A 15.41% W3 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A W3 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A 15.33% WH1 (CHF) N/A N/A 5.20%(g) N/A 3.40%(g) N/A N/A N/A 7.10%(g) N/A WH1 (EUR) 20.63% N/A N/A N/A N/A 11.97% 5.80% N/A 13.17% 13.86% WH1 (GBP) 21.80% 9.23% 5.07% N/A 5.37% 12.11% 6.78% 18.74% 14.02% 14.26% WH1 (USD) N/A N/A 5.68% 6.61% 1.90%(g) N/A N/A N/A N/A N/A WH2 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A 13.86% WH2 (GBP) N/A N/A N/A N/A N/A N/A N/A N/A N/A 14.26% WH3 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A 13.84% WH3 (GBP) N/A N/A N/A N/A N/A N/A N/A N/A N/A 14.20% Z1 (EUR) 24.64% N/A 5.58% N/A 5.61% N/A N/A N/A N/A N/A Z1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Z2 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A 16.29% MFS Meridian Funds Annual Report

6 PERFORMANCE TABLE (unaudited) Global Opportunistic Bond Fund (b) Global Research Focused Fund (c) Share Class Global High Yield Fund Global Multi-Asset Fund Inflation-Adjusted Bond Fund Japan Equity Fund Limited Maturity Fund Managed Wealth Fund A1 (EUR) 16.88% 11.09% 1.50% 13.98% 9.12% N/A 10.23% 35.05% N/A N/A A1 (GBP) N/A N/A N/A N/A 23.11% N/A N/A N/A N/A N/A A1 (USD) 16.13% 10.25% (1.30)% 13.22% 8.45% 2.65% 9.43% 34.13% 0.93% 3.63% A2 (EUR) 16.86% N/A N/A N/A N/A N/A N/A N/A N/A N/A A2 (USD) 16.09% 10.25% (1.34)% N/A 8.44% 2.66% N/A N/A 0.89% N/A A3 (USD) 16.06% N/A (1.31)% N/A 8.42% N/A N/A N/A N/A N/A A4 (EUR) N/A N/A N/A N/A (0.97)%(g) N/A N/A N/A N/A N/A AH1 (CHF) N/A N/A N/A N/A N/A N/A N/A 31.69% N/A N/A AH1 (EUR) N/A N/A (2.30)% N/A 7.05% N/A N/A N/A N/A 2.61% AH1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A AH2 (EUR) 14.99% N/A (2.25)% N/A 6.77% N/A N/A N/A N/A N/A AH3 (EUR) 14.79% N/A (2.23)% N/A 7.29% N/A N/A N/A N/A N/A AH4 (EUR) N/A N/A N/A N/A 1.51%(g) N/A N/A N/A N/A N/A B1 (USD) 14.95% 9.50% N/A 12.41% 7.63% 1.61% 8.75% 33.20% (0.00)% N/A B2 (USD) 14.92% 9.48% N/A N/A 7.65% 1.61% N/A N/A (0.12)% N/A C1 (USD) 14.96% 9.50% (1.90)% 12.41% 7.60% 1.62% 8.72% 33.10% (0.08)% 2.91% C2 (USD) 14.85% 9.51% (1.89)% N/A 7.66% 1.59% N/A N/A 0.00% N/A C3 (USD) 15.03% N/A (1.83)% N/A 7.61% N/A N/A N/A N/A N/A CH1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A I1 (EUR) N/A 12.36% N/A 15.23% N/A N/A 11.50% 36.47% N/A 5.52% I1 (GBP) N/A 26.74% N/A 29.99% 24.49% N/A 25.78% 53.95% N/A 19.03% I1 (JPY) N/A N/A N/A 15.23%(g) N/A N/A N/A N/A N/A N/A I1 (USD) 16.84% 11.62% (0.94)% 14.47% 9.63% 3.36% 10.76% 35.56% 1.58% 4.81% I1X (GBP) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A I1X (USD) N/A N/A N/A N/A N/A N/A N/A 35.57% N/A N/A I2 (GBP) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A I3 (USD) N/A N/A N/A N/A 7.03%(g) N/A N/A N/A N/A N/A IH1 (CHF) N/A N/A N/A N/A N/A N/A N/A 33.20% N/A N/A IH1 (EUR) N/A N/A (1.87)% N/A 7.97% N/A N/A N/A N/A 3.93% IH1 (GBP) 17.18% N/A (1.22)% N/A 9.07% N/A N/A N/A N/A 4.91% IH1 (JPY) N/A N/A N/A 4.47%(g) N/A N/A N/A N/A N/A N/A IH1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N1 (EUR) N/A N/A N/A N/A N/A N/A N/A 34.36% N/A N/A N1 (USD) 15.53% 9.83% (1.60)% 12.75% 7.94% 2.09% 8.95% 33.78% 0.41% 3.12% N2 (USD) 15.49% N/A (1.58)% N/A 7.92% 2.14% N/A N/A 0.48% N/A N3 (USD) 15.55% N/A (1.62)% N/A 7.91% N/A N/A N/A N/A N/A NH1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A S1 (USD) 16.67% 11.50% N/A 14.38% 9.43% 3.21% N/A N/A 1.47% N/A W1 (EUR) N/A N/A N/A N/A 9.97% N/A N/A N/A N/A N/A W1 (GBP) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A W1 (USD) 16.78% 11.49% (1.00)% 14.30% 9.26% 3.30% 3.50%(g) 35.34% 1.48% 4.65% W2 (EUR) N/A N/A N/A N/A 10.02% N/A N/A N/A N/A N/A W2 (GBP) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A W2 (USD) 16.78% 2.19%(g) (1.02)% N/A 9.24% 3.33% N/A N/A 1.49% N/A W3 (EUR) N/A N/A N/A N/A 9.99% N/A N/A N/A N/A N/A W3 (USD) 16.72% N/A (1.01)% N/A 9.06% N/A N/A N/A N/A N/A WH1 (CHF) N/A N/A N/A N/A 1.90%(g) N/A N/A N/A N/A N/A WH1 (EUR) 15.68% N/A (1.90)% N/A 7.53% N/A N/A 33.48% N/A 3.73% WH1 (GBP) 17.14% N/A (1.30)% N/A 8.78% N/A N/A 34.71% N/A 4.76% WH1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A WH2 (EUR) 15.62% N/A (1.92)% N/A 7.63% N/A N/A N/A N/A N/A WH2 (GBP) 16.56% N/A (1.32)% N/A 8.66% N/A N/A N/A N/A N/A WH3 (EUR) 15.69% N/A (1.92)% N/A 7.69% N/A N/A N/A N/A N/A WH3 (GBP) 16.64% N/A (1.31)% N/A 8.72% N/A N/A N/A N/A N/A Z1 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Z1 (USD) N/A N/A (0.67)% N/A N/A N/A N/A N/A N/A N/A Z2 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Global Total Return Fund Latin American Equity Fund 6 MFS Meridian Funds Annual Report 2017

7 PERFORMANCE TABLE (unaudited) Share Class Prudent Capital Fund (d) Prudent Wealth Fund U.K. Equity Fund U.S. Concentrated Growth Fund U.S. Corporate Bond Fund (e) U.S. Government Bond Fund U.S. Value Fund A1 (EUR) 2.90% 1.49% N/A N/A N/A N/A N/A (0.68)% N/A N/A A1 (GBP) N/A N/A 13.19% N/A N/A N/A N/A N/A N/A N/A A1 (USD) (0.10)% 0.82% (0.21)% 11.34% 5.52% 17.69% 17.67% (1.39)% 2.23% 18.44% A2 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A A2 (USD) N/A N/A N/A N/A 5.52% 17.59% N/A (1.32)% 2.20% N/A A3 (USD) N/A N/A N/A N/A 1.11%(g) 17.62% N/A N/A (0.00)%(g) N/A A4 (EUR) (1.30)%(g) N/A N/A N/A N/A N/A N/A N/A N/A N/A AH1 (CHF) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A AH1 (EUR) (0.60)% (0.43)% N/A N/A 4.41% 16.37% 16.49% N/A 1.03% 17.01% AH1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A AH2 (EUR) N/A N/A N/A N/A N/A 16.50% N/A N/A N/A N/A AH3 (EUR) N/A N/A N/A N/A N/A 16.26% N/A N/A N/A N/A AH4 (EUR) 1.20%(g) N/A N/A N/A N/A N/A N/A N/A N/A N/A B1 (USD) N/A 0.07% N/A 10.51% N/A N/A N/A (2.36)% 1.24% 17.59% B2 (USD) N/A N/A N/A N/A N/A N/A N/A (2.38)% 1.21% N/A C1 (USD) (0.30)% 0.07% (1.05)% 10.47% 4.60% 16.70% 16.83% (2.31)% 1.25% 17.62% C2 (USD) N/A N/A N/A N/A 4.55% 16.72% N/A (2.36)% 1.19% N/A C3 (USD) N/A N/A N/A N/A 0.40%(g) 16.70% N/A N/A (0.74)%(g) N/A CH1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A I1 (EUR) 3.16% 2.52% N/A N/A N/A 19.66% 19.79% N/A N/A 20.56% I1 (GBP) (1.59)% 15.65% 14.57% 27.67% N/A N/A 35.13% N/A N/A 36.00% I1 (JPY) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A I1 (USD) 0.18% 1.84% 1.18% 12.43% 6.30% 18.86% 19.00% (0.73)% 2.91% 19.76% I1X (GBP) N/A N/A 14.57% N/A N/A N/A N/A N/A N/A N/A I1X (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A I2 (GBP) N/A N/A 14.57% N/A N/A N/A N/A N/A N/A N/A I3 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IH1 (CHF) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IH1 (EUR) (0.31)% 0.51% N/A N/A 33.37% 17.49% 17.84% N/A 1.78% 18.48% IH1 (GBP) (0.01)% N/A N/A N/A 6.24% 18.28% 18.41% N/A 3.13% N/A IH1 (JPY) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IH1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N1 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N1 (USD) (0.20)% 0.35% (0.79)% 10.73% 5.02% 16.98% 17.10% (1.87)% 1.66% 17.90% N2 (USD) N/A N/A N/A N/A 5.06% 17.06% N/A (1.79)% 1.77% N/A N3 (USD) N/A N/A N/A N/A 0.74%(g) 17.01% N/A N/A (0.34)%(g) N/A NH1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A S1 (USD) N/A N/A N/A 12.51% N/A N/A N/A (0.86)% 2.79% 19.53% W1 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A W1 (GBP) (1.60)% 15.37% 14.53% N/A N/A N/A N/A N/A N/A N/A W1 (USD) 0.10% 1.60% 0.77% 12.33% 6.20% 18.65% 18.89% (0.85)% 2.87% 19.65% W2 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A W2 (GBP) N/A N/A 14.42% N/A N/A N/A N/A N/A N/A N/A W2 (USD) N/A N/A N/A N/A 6.22% 18.79% N/A (0.90)% 2.87% N/A W3 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A W3 (USD) N/A N/A N/A N/A 1.53%(g) 18.75% N/A N/A 0.38%(g) N/A WH1 (CHF) (0.50)% N/A N/A N/A N/A N/A N/A N/A (3.60)%(g) N/A WH1 (EUR) (0.30)% 0.30% N/A 10.74% 4.95% 17.58% 17.62% N/A 1.80% 17.97% WH1 (GBP) (0.00)% 1.32% N/A 11.16% 6.15% 18.15% 18.23% N/A 3.02% 18.38% WH1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A WH2 (EUR) N/A N/A N/A N/A 4.98% 17.57% N/A N/A N/A N/A WH2 (GBP) N/A N/A N/A N/A N/A 18.13% N/A N/A N/A N/A WH3 (EUR) N/A N/A N/A N/A N/A 17.56% N/A N/A N/A N/A WH3 (GBP) N/A N/A N/A N/A N/A 18.13% N/A N/A N/A N/A Z1 (EUR) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Z1 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Z2 (USD) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A U.S. Equity Income Fund U.S. Equity Opportunities Fund U.S. Total Return Bond Fund (f) MFS Meridian Funds Annual Report

8 (a) Effective 29 June 2016, the MFS Meridian Funds European Concentrated Fund was renamed the MFS Meridian Funds Blended Research European Equity Fund. (b) The inception date of the sub-fund was 12 July (c) Effective 29 June 2016, the MFS Meridian Funds Global Research Fund was renamed the MFS Meridian Funds Global Research Focused Fund. (d) The inception date of the sub-fund was 3 November (e) Effective 29 June 2016, the MFS Meridian Funds Bond Fund was renamed the MFS Meridian Funds U.S. Corporate Bond Fund. (f) Effective 29 June 2016, the MFS Meridian Funds Research Bond Fund was renamed the MFS Meridian Funds U.S. Total Return Bond Fund. (g) See Note 17 for additional information. NOTES TO PERFORMANCE SUMMARY Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recent month-end performance, please contact your financial consultant. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers, the sub-funds performance results would have been less favorable. Please see the prospectus and financial statements for details. All results are historical and assume the reinvestment of dividends and capital gains. Total returns do not include the applicable sales charges. If these charges had been included, the results would have been lower. Changes in currency exchange rates may affect the net asset values per share and the performance of share classes denominated in currencies other than a sub-fund s base currency. Performance results include the impact of swing pricing, if applicable. See Note 3 of the Notes to Financial Statements for additional information. From time to time the sub-funds may receive proceeds from litigation settlements, without which performance would be lower. GENERAL INFORMATION Audited annual and unaudited semi-annual financial statements are available at the registered office of the fund and at meridian.mfs.com. Notices of general meetings are published in the Mémorial Journal Officiel du Grand-Duché de Luxembourg and in other newspapers circulating in jurisdictions in which the fund is registered or in other publications as determined by the directors. The list of changes in the portfolios for the period ended 31 January 2017 is available at the registered office of the fund. Information concerning the sub-funds net asset values and purchases and sales of securities is available at the registered office of the fund. The Articles of Incorporation are lodged at the office of the Chief Registrar of the District Court of Luxembourg (Greffe du Tribunal d Arrondissement de et à Luxembourg), at meridian.mfs.com, and at the registered office of the fund where they are available for inspection and where copies thereof may be obtained upon request. The fund s most recent offering documents, including the Key Investor Information Documents (KIIDs) and Key Facts Statements (KFS) for Hong Kong investors, contain information on the fund s investment objectives, charges, expenses and risks. The offering documents, Articles of Incorporation and financial reports and other information about the funds are available to investors at no cost at the fund s registered office, from your financial intermediary, or on the web at meridian.mfs.com. Please read them carefully before you invest. Please note that not all of the sub-funds or classes may be registered or authorized for distribution in every jurisdiction. In certain jurisdictions, investments may only be made by qualified investors and/or through authorized intermediaries on a limited private placement basis subject to applicable laws and regulations in the country of distribution. In particular, please note that as of 31 January 2017 the Diversified Income Fund, Global Equity Income Fund, Global Opportunistic Bond Fund, Managed Wealth Fund, Prudent Capital Fund, U.S. Corporate Bond Fund, U.S. Equity Income Fund, and U.S. Equity Opportunities Fund were not registered in Hong Kong and these sub-funds were not offered to the public in this jurisdiction. CORPORATE GOVERNANCE ALFI CODE OF CONDUCT The fund is committed to corporate governance standards relating to its management. In connection therewith, the fund adheres to the ALFI (Association of the Luxembourg Fund Industry) Code of Conduct for Luxembourg Investment Funds, which was issued in September 2009 and updated and re-issued in This Code sets forth principles 8 MFS Meridian Funds Annual Report 2017

9 regarding qualified and experienced personnel, conflicts of interests and serving the best interests of fund shareholders, due diligence and oversight, compliance with applicable laws and risk management processes. SHAREHOLDER COMPLAINTS If you wish to make a complaint about any aspect of the service you have received, you may contact your local agent in your respective country, or contact the funds transfer agent at State Street Bank Luxembourg S.C.A., by mail, phone or . Mail: MFS Meridian Funds c/o State Street Bank Luxembourg S.C.A. 49 Avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Telephone: Europe and Asia: The Americas: Europe and Asia: MFSquerydesk@statestreet.com The Americas: mfsdealerservices@ifdsgroup.com You may find more information on the fund s complaint handling process at meridian.mfs.com. CERTAIN RISK MANAGEMENT DISCLOSURES (unaudited) Information Regarding Global Exposure Under The Funds Risk Management Program The fund s Management Company must employ a risk management process which enables it to monitor and measure at any time the risk of the positions in the sub-funds portfolios and their contribution to the overall risk profile of their portfolios. The global exposure relating to financial derivative instruments may be calculated through the commitment approach or through a Value-at-Risk ( VaR ) methodology. Generally, a sub-fund that uses derivatives more extensively or as part of its investment objective will utilize the VaR methodology, and a sub-fund that uses derivatives less extensively will utilize the commitment approach. For each sub-fund except the Absolute Return Fund, Emerging s Debt Local Currency Fund, Global Multi-Asset Fund, Global Opportunistic Bond Fund, and the Managed Wealth Fund, the commitment approach methodology is used to calculate global exposure. The commitment approach is based, in part, on the principle of converting the exposure to derivative instruments into equivalent positions of the underlying assets and quantifying the exposure in absolute value of the total commitments (which may account for hedging and netting). For the Absolute Return Fund, Global Multi-Asset Fund, and the Managed Wealth Fund, an absolute Value-at-Risk ( VaR ) approach is used and for the Emerging s Debt Local Currency Fund and the Global Opportunistic Bond Fund, a relative VaR approach is used, to measure global exposure. VaR provides a measure of the potential minimum loss that could arise over a given time interval under normal market conditions, and at a given confidence level. The subfunds risk management program limits the maximum VaR that the sub-fund can have relative to its net asset value for absolute VaR or relative to its benchmark for relative VaR, as determined by the sub-fund taking into account its investment policy and risk profile. For each of the Absolute Return Fund, Global Multi-Asset Fund, and the Managed Wealth Fund the absolute VaR cannot be greater than 20% of its respective net asset value. For the Emerging s Debt Local Currency Fund and the Global Opportunistic Bond Fund the relative VaR cannot be greater than 200% of its current benchmark. The VaR approach used by each of these sub-funds is based upon an historical model. The VaR is measured daily at the 99% level of confidence based on a one month (20 day) holding period. The underlying data set encompasses one year of data (minimum of 250 observations). For the Absolute Return Fund, the expected level of leverage may vary between 0% and 400% (measured using the sum of the notional value of derivatives used by the sub-fund), based on the net asset value of the sub-fund. In addition, the Management Company supplementally monitors the expected level of leverage measured using the commitment approach, which may vary between 0% and 200% based on the net asset value of the sub-fund. Under certain circumstances, the level of leverage might exceed the ranges noted above. For the Emerging s Debt Local Currency Fund, the expected level of leverage may vary between 0% and 375% (measured using the sum of the notional value of derivatives used by the sub-fund), based on the net asset value of the sub-fund. In addition, the Management Company supplementally monitors the expected level of leverage measured using the commitment approach, which may vary between 0% and 125% based on the net asset value of the sub-fund. Under certain circumstances, the level of leverage might exceed the ranges noted above. For the Global Multi-Asset Fund, the expected level of leverage may vary between 0% and 400% (measured using the sum of notional value of derivatives used by the sub-fund), based on the net asset value of the sub-fund. In addition, the Management Company supplementally monitors the expected level of leverage measured using the commitment MFS Meridian Funds Annual Report

10 approach, which may vary between 0% and 200% based on the net asset value of the sub-fund. Under certain circumstances, the level of leverage might exceed the ranges noted above. For the Global Opportunistic Bond Fund, the expected level of leverage may vary between 0% and 400% (measured using the sum of the notional value of derivatives used by the sub-fund), based on the net asset value of the sub-fund. In addition, the Management Company supplementally monitors the expected level of leverage measured using the commitment approach, which may vary between 0% and 125% based on the net asset value of the sub-fund. Under certain circumstances, the level of leverage might exceed the ranges noted above. For the Managed Wealth Fund, the expected level of leverage may vary between 0% and 200% (measured using the sum of the notional value of derivatives used by the sub-fund), based on the net asset value of the sub-fund. In addition, the Management Company supplementally monitors the expected level of leverage measured using the commitment approach, which may vary between 0% and 150% based on the net asset value of the sub-fund. Under certain circumstances, the level of leverage might exceed the ranges noted above. The sum of notional value is the sum of the absolute values of the full underlying exposures of our derivative positions. The sum of notional value is based upon the full notional exposure with no netting or hedging. Under both levels of leverage methodologies, the sum of the absolute exposures is calculated in order that exposures of opposite signs to unrelated assets do not offset each other in the final result. Please see the table below for summary information regarding the daily VaR and leverage results for the Absolute Return Fund, Emerging s Debt Local Currency Fund, Global Multi-Asset Fund and Managed Wealth Fund beginning 1 February 2016 through the year ended 31 January 2017: Emerging s Debt 1 February January 2017 Absolute Return Fund Local Currency Fund Global Multi-Asset Fund Managed Wealth Fund Lowest VaR 1.46% 5.60% 3.84% 2.91% Highest VaR 3.78% 8.76% 6.33% 4.22% Average VaR 2.05% 6.93% 5.09% 3.50% Lowest Leverage Level (Sum of Notional Value) % 60.25% % 66.13% Highest Leverage Level (Sum of Notional Value) % % % % Average Leverage Level (Sum of Notional Value) % % % 97.36% Lowest Leverage Level (Commitment Approach) 94.44% 29.40% % 56.55% Highest Leverage Level (Commitment Approach) % 71.73% % 70.12% Average Leverage Level (Commitment Approach) % 51.27% % 64.71% Please see the table below for summary information regarding the daily VaR and leverage results for the Global Opportunistic Bond Fund beginning 12 July 2016 through the period ended 31 January 2017: 12 July January 2017 Global Opportunistic Bond Fund (a) Lowest VaR 1.46% Highest VaR 3.27% Average VaR 2.09% Lowest Leverage Level (Sum of Notional Value) % Highest Leverage Level (Sum of Notional Value) % Average Leverage Level (Sum of Notional Value) % Lowest Leverage Level (Commitment Approach) 21.18% Highest Leverage Level (Commitment Approach) 72.49% Average Leverage Level (Commitment Approach) 60.86% (a) The inception date of the sub-fund was 12 July MFS Meridian Funds Annual Report 2017

11 SCHEDULES OF INVESTMENTS 31 January 2017 MFS Meridian Funds Absolute Return Fund (Expressed in U.S. Dollars) Instruments traded on a Regulated BONDS Asset-Backed & Securitized AmeriCredit Automobile Receivables Trust, , A2A, 1.07%, 8/01/2019 USD 10,567 10, AmeriCredit Automobile Receivables Trust, , A2A, 1.37%, 8/11/ ,000 40, Capital Auto Receivables Asset Trust, , A2A, 1.36%, 22/04/ ,000 20, Capital One Multi-Asset Execution Trust, 2016-A4, A4, 1.33%, 15/06/ , , Chesapeake Funding LLC, A, A, FRN, 1.265%, 7/02/ , , Chrysler Capital Auto Receivables Trust 2016-B, A2, 1.36%, 15/01/ ,000 99, Colony Starwood Homes, A, A, FRN, 1.954%, 17/12/ , , Credit Suisse Commercial Mortgage Trust, A4, FRN, 5.938%, 15/09/ ,865 30, CWCapital Cobalt Ltd., A4, FRN, 5.764%, 15/05/ ,492 36, Drive Auto Receivables Trust, 2017-AA, A3, 1.77%, 15/01/ ,000 79, Drive Auto Receivables Trust, 2016-CA, A3, 1.67%, 15/11/ ,000 69, Enterprise Fleet Financing LLC, 1.74%, 22/02/ ,000 29, Exeter Automobile Receivables Trust, A, A, 1.6%, 17/06/2019 5,038 5, Exeter Automobile Receivables Trust, A, A, 1.54%, 15/11/ ,048 10, Exeter Automobile Receivables Trust, A, A, 1.84%, 16/11/ ,613 64, Exeter Automobile Receivables Trust, A, A, 1.96%, 15/03/ ,000 29, Flagship Credit Auto Trust, , A, 2.77%, 15/12/ ,499 31, Ford Credit Floorplan Master Owner Trust, , A2, FRN, 1.168%, 15/01/ ,000 80, GE Dealer Floorplan Master Note Trust, , A, FRN, 1.156%, 20/07/ , , GM Financial Automobile Leasing Trust, A, A2, 1.17%, 20/06/ ,760 28, GMF Floorplan Owner Revolving Trust, 2017-A1, A, 2.22%, 18/01/ ,000 99, GO Financial Auto Securitization Trust, , A, 3.27%, 15/11/2018 8,039 8, Hertz Fleet Lease Funding LP, , A, FRN, 1.313%, 10/12/ ,755 11, Hyundai Auto Lease Securitization Trust, 2016-C, A2, 1.3%, 15/03/ ,000 59, Instruments traded on a Regulated Asset-Backed & Securitized, continued Hyundai Auto Receivables Trust 2015-C, A2A, 0.99%, 15/11/2018 USD 16,402 16, JPMorgan Chase Commercial Mortgage Securities Corp., 5.42%, 15/01/ ,266 11, Mercedes-Benz Auto Lease Trust, 2015-B, A2A, 1%, 16/01/ ,956 16, Nextgear Floorplan Master Owner Trust, A, A, 1.8%, 15/07/ ,000 99, Oscar U.S. Funding Trust, A, A, 2.31%, 15/11/ ,000 20, Paragon Mortgages PLC, FRN, 0.048%, 15/05/2041 EUR 47,155 47, Securitized Term Auto Receivables Trust, A, A2A, 1.284%, 26/11/2018 USD 30,000 29, Sierra Receivables Funding Co. LLC, A, A, 2.4%, 22/03/ ,290 35, SPS Servicer Advance Receivables Trust, 2016-T1, AT1, 2.53%, 16/11/ ,000 99, Tricon American Homes 2015-SFR1, Trust 1A, FRN, 2.589%, 17/11/ ,000 97, Verizon Owner Trust, A, A, 1.42%, 20/01/ ,000 61, Volkswagen Credit Auto Master Trust, A, A1, FRN, 0.911%, 22/07/ , , ,961, Automotive American Honda Finance Corp., 1.6%, 13/07/2018 USD 70,000 70, American Honda Finance Corp., FRN, 1.447%, 20/09/ ,000 80, Daimler Finance North America LLC, 1.65%, 18/05/ , , Hyundai Capital America, 2%, 19/03/ ,000 71, Hyundai Capital America, 2.4%, 30/10/ ,000 50, Nissan Motor Acceptance Corp., FRN, 1.491%, 3/03/ ,000 50, Toyota Motor Credit Corp., 1.7%, 19/02/ , , , Broadcasting SES Global Americas Holdings GP, 2.5%, 25/03/2019 USD 32,000 31, Brokerage & Asset Managers Intercontinental Exchange, Inc., 2.75%, 1/12/2020 USD 61,000 62, NYSE Euronext, 2%, 5/10/ ,000 66, , Building Stanley Black & Decker, Inc., 1.622%, 17/11/2018 USD 80,000 79, MFS Meridian Funds Annual Report

12 SCHEDULES OF INVESTMENTS 31 January 2017 MFS Meridian Funds Absolute Return Fund, continued Instruments traded on a Regulated Business Services Cisco Systems, Inc., FRN, 1.221%, 3/03/2017 USD 110, , Fidelity National Information Services, Inc., 2.85%, 15/10/ ,000 20, Fidelity National Information Services, Inc., 2.25%, 15/08/ ,000 39, , Chemicals CF Industries, Inc., 6.875%, 1/05/2018 USD 20,000 21, Chevron Phillips Chemical Co. LLC, 1.7%, 1/05/ ,000 49, Dow Chemical Co., 8.55%, 15/05/ ,000 45, LyondellBasell Industries N.V., 5%, 15/04/ , , , Computer Software Diamond 1 Finance Corp./Diamond 2 Finance Corp., 3.48%, 1/06/2019 USD 40,000 40, Microsoft Corp., 2%, 3/11/ , , , Conglomerates ABB Finance (USA), Inc., 1.625%, 8/05/2017 USD 112, , Roper Industries, Inc., 1.85%, 15/11/ ,000 33, Roper Technologies, Inc., 2.8%, 15/12/ ,000 18, , Consumer Products Mattel, Inc., 1.7%, 15/03/2018 USD 3,000 2, Newell Brands, Inc., 2.6%, 29/03/ ,000 30, Newell Rubbermaid, Inc., 2.875%, 1/12/ ,000 50, , Electrical Equipment Arrow Electronics, Inc., 3%, 1/03/2018 USD 26,000 26, Molex Electronic Technologies LLC, 2.878%, 15/04/ ,000 54, , Electronics Broadcom Corp., A, 3%, 15/01/2022 USD 70,000 69, Intel Corp., 1.35%, 15/12/ , , Xilinx, Inc., 2.125%, 15/03/ ,000 40, , Emerging Quasi-Sovereign Petroleos Mexicanos, 3.125%, 23/01/2019 USD 15,000 15, Energy Integrated BP Capital s PLC, 2.521%, 15/01/2020 USD 40,000 40, Chevron Corp., 1.104%, 5/12/ ,000 67, Instruments traded on a Regulated Energy Integrated, continued Shell International Finance B.V., 1.125%, 21/08/2017 USD 70,000 69, Shell International Finance B.V., 1.375%, 10/05/ ,000 59, Total Capital International S.A., 1.5%, 17/02/ , , , Food & Beverages Anheuser-Busch InBev Finance, Inc., 1.9%, 1/02/2019 USD 118, , Anheuser-Busch InBev Finance, Inc., 2.65%, 1/02/ ,000 60, Anheuser-Busch InBev Finance, Inc., FRN, 2.15%, 1/02/ ,000 80, Ingredion, Inc., 1.8%, 25/09/ ,000 43, J.M. Smucker Co., 1.75%, 15/03/ ,000 20, Kraft Heinz Foods Co., 1.6%, 30/06/ ,000 70, Molson Coors Brewing Co., 2%, 1/05/ ,000 57, Mondelez International, Inc., FRN, 1.5%, 28/10/ , , Wm. Wrigley Jr. Co., 2.4%, 21/10/2018 8,000 8, , Food & Drug Stores CVS Health Corp., 1.9%, 20/07/2018 USD 50,000 50, CVS Health Corp., 2.8%, 20/07/ , , Walgreens Boots Alliance, Inc., 1.75%, 17/11/ ,000 50, Walgreens Boots Alliance, Inc., 1.75%, 30/05/ ,000 10, , Gaming & Lodging Wyndham Worldwide Corp., 2.95%, 1/03/2017 USD 65,000 65, Insurance American International Group, Inc., 2.3%, 16/07/2019 USD 34,000 34, American International Group, Inc., 3.3%, 1/03/ ,000 47, Metropolitan Life Global Funding I, FRN, 1.423%, 19/12/ , , Prudential Financial, Inc., FRN, 1.685%, 15/08/ ,000 60, Voya Financial, Inc., 2.9%, 15/02/ ,000 36, , Insurance Health Aetna, Inc., 1.5%, 15/11/2017 USD 12,000 12, Aetna, Inc., 1.9%, 7/06/ ,000 50, UnitedHealth Group, Inc., 1.45%, 17/07/ ,000 50, , Insurance Property & Casualty Marsh & McLennan Cos., Inc., 2.35%, 10/09/2019 USD 40,000 40, MFS Meridian Funds Annual Report 2017

13 SCHEDULES OF INVESTMENTS 31 January 2017 MFS Meridian Funds Absolute Return Fund, continued Instruments traded on a Regulated International Quasi-Sovereign Bank Nederlandse Gemeenten N.V., 1.375%, 19/03/2018 USD 76,000 76, Caisse d Amortissement de la Dette Sociale, 1.875%, 13/01/ , , CPPIB Capital, Inc., 1.25%, 20/09/ , , Dexia Credit Local, A, 2.25%, 18/02/ , , Electricite de France, 2.15%, 22/01/ ,000 68, KFW Government Development Banks, 1.125%, 16/11/ ,000 29, Swedish Export Credit Corp., 1.125%, 28/08/ , , , International Sovereign Kingdom of Denmark, 0.875%, 20/03/2017 USD 160, , Kingdom of Sweden, 1%, 27/02/ , , , Local Authorities Kommuninvest i Sverige AB, 1.125%, 17/09/2019 USD 200, , Major Banks ABN AMRO Bank N.V., 1.8%, 4/06/2018 USD 200, , Bank of Montreal, FRN, 1.673%, 18/07/ ,000 80, BNP Paribas, 2.7%, 20/08/ ,000 81, BNP Paribas, FRN, 1.473%, 17/03/ , , Commonwealth Bank of Australia, FRN, 1.52%, 7/11/ , , Commonwealth Bank of Australia, FRN, 1.316%, 13/03/ ,000 20, ING Bank N.V., 1.8%, 16/03/ , , Skandinaviska Enskilda Banken AB, 2.45%, 27/05/ , , Svenska Handelsbanken AB, 2.875%, 4/04/ , , Toronto-Dominion Bank, 1.75%, 23/07/ ,000 80, Toronto-Dominion Bank, 1.45%, 6/09/ ,000 99, Westpac Banking Corp., 2%, 14/08/ , , ,581, Medical & Health Technology & Services Catholic Health Initiatives, 1.6%, 1/11/2017 USD 50,000 50, Covidien International Finance S.A., 6%, 15/10/ ,000 43, Laboratory Corp. of America Holdings, 2.625%, 1/02/ , , , Medical Equipment Abbott Laboratories, 2.35%, 22/11/2019 USD 80,000 80, Abbott Laboratories, 2.9%, 30/11/ ,000 39, Instruments traded on a Regulated Medical Equipment, continued Zimmer Holdings, Inc., 2%, 1/04/2018 USD 173, , , Metals & Mining Freeport-McMoRan, Inc., 2.15%, 1/03/2017 USD 100, , Freeport-McMoRan, Inc., 2.375%, 15/03/ ,000 19, Glencore Funding LLC, 2.125%, 16/04/ ,000 39, , Midstream Energy Transfer Partners LP, 2.5%, 15/06/2018 USD 30,000 30, EnLink Midstream Partners LP, 2.7%, 1/04/ ,000 37, Enterprise Products Operating LP, 6.5%, 31/01/ , , Kinder Morgan (Delaware), Inc., 2%, 1/12/ ,000 40, ONEOK Partners LP, 3.2%, 15/09/ ,000 51, , Mortgage-Backed Fannie Mae, 1.114%, 25/02/2017 USD 8,081 8, Fannie Mae, 3%, 1/05/2030 1/12/ , , Fannie Mae, FRN, 1.121%, 25/05/ ,653 35, Freddie Mac, 1.426%, 25/08/2017 6,544 6, Freddie Mac, 3.5%, 1/08/ , , , Natural Gas Distribution Engie, 1.625%, 10/10/2017 USD 90,000 90, work & Telecom AT&T, Inc., 2.4%, 15/03/2017 USD 30,000 30, AT&T, Inc., 2.3%, 11/03/ , , AT&T, Inc., 2.45%, 30/06/ ,000 39, AT&T, Inc., FRN, 1.847%, 27/11/ ,000 40, Verizon Communications, Inc., FRN, 1.763%, 17/06/ , , , Oil Services Schlumberger Holdings Corp., 1.9%, 21/12/2017 USD 60,000 60, Oils Marathon Petroleum Corp., 2.7%, 14/12/2018 USD 68,000 68, Other Banks & Diversified Financials Banque Federative du Credit Mutuel, 2%, 12/04/2019 USD 250, , Fifth Third Bancorp, 2.3%, 1/03/ ,000 31, MFS Meridian Funds Annual Report

14 SCHEDULES OF INVESTMENTS 31 January 2017 MFS Meridian Funds Absolute Return Fund, continued Instruments traded on a Regulated Other Banks & Diversified Financials, continued Groupe BPCE S.A., 2.5%, 10/12/2018 USD 250, , Lloyds Bank PLC, 1.75%, 14/05/ , , Santander UK Group Holdings PLC, 2.875%, 5/08/ , , Santander UK PLC, 3.05%, 23/08/ ,000 42, SunTrust Banks, Inc., 2.7%, 27/01/ ,000 44, ,017, Personal Computers & Peripherals Equifax, Inc., 2.3%, 1/06/2021 USD 15,000 14, Pharmaceuticals AbbVie, Inc., 1.8%, 14/05/2018 USD 70,000 70, Actavis Funding SCS, 2.35%, 12/03/ ,000 53, Actavis Funding SCS, 3%, 12/03/ ,000 22, Actavis, Inc., 1.875%, 1/10/ ,000 40, Biogen, Inc., 2.9%, 15/09/ ,000 40, Bristol-Myers Squibb Co., 0.875%, 1/08/ , , Celgene Corp., 2.125%, 15/08/ ,000 60, EMD Finance LLC, 1.7%, 19/03/ ,000 99, Gilead Sciences, Inc., 1.85%, 4/09/ ,000 60, Mylan N.V., 2.5%, 7/06/ ,000 19, Sanofi, 1.25%, 10/04/ ,000 90, Shire Acquisitions Investments Ireland Designated Activity Co., 1.9%, 23/09/ , , Teva Pharmaceutical Industries Ltd., 1.7%, 19/07/ ,000 68, , Real Estate Healthcare Welltower, Inc., REIT, 2.25%, 15/03/2018 USD 31,000 31, Real Estate Office Vornado Realty LP, REIT, 2.5%, 30/06/2019 USD 47,000 47, Real Estate Retail Simon Property Group, Inc., REIT, 1.5%, 1/02/2018 USD 35,000 35, Restaurants McDonald s Corp., 2.1%, 7/12/2018 USD 40,000 40, Retailers Dollar General Corp., 4.125%, 15/07/2017 USD 60,000 60, Dollar General Corp., 1.875%, 15/04/ ,000 10, Wesfarmers Ltd., 1.874%, 20/03/ ,000 45, , Instruments traded on a Regulated Specialty Chemicals Airgas, Inc., 3.05%, 1/08/2020 USD 30,000 30, Supranational Corporacion Andina de Fomento, 1.5%, 8/08/2017 USD 40,000 40, Corporacion Andina de Fomento, FRN, 1.437%, 29/01/ ,000 40, , Telecommunications Wireless American Tower Trust I, REIT, 1.551%, 15/03/2018 USD 50,000 49, SBA Tower Trust, 2.877%, 15/07/ ,000 24, SBA Tower Trust, 2.898%, 15/10/ ,000 57, , Telephone Services Qwest Corp., 6.5%, 1/06/2017 USD 40,000 40, Tobacco Reynolds American, Inc., 2.3%, 12/06/2018 USD 50,000 50, U.S. Government Agencies and Equivalents AID-Ukraine, 1.847%, 29/05/2020 USD 200, , Private Export Funding Corp., 1.875%, 15/07/ , , , Utilities Electric Power American Electric Power Co., Inc., 1.65%, 15/12/2017 USD 48,000 47, Dominion Resources, Inc., 2.962%, 1/07/ ,000 30, Duke Energy Corp., 1.625%, 15/08/ ,000 28, Duke Energy Corp., FRN, 1.377%, 3/04/ ,000 50, Emera U.S. Finance LP, 2.15%, 15/06/ ,000 45, Eversource Energy, 1.6%, 15/01/ ,000 29, Eversource Energy, 2.5%, 15/03/ , , NextEra Energy Capital Holdings, Inc., 2.056%, 1/09/ , , PG&E Corp., 2.4%, 1/03/ ,000 57, PSEG Power LLC, 3%, 15/06/ ,000 65, Southern Co., 1.85%, 1/07/ ,000 79, Southern Power Co., 1.85%, 1/12/ ,000 90, Xcel Energy, Inc., 1.2%, 1/06/ ,000 49, Xcel Energy, Inc., 2.4%, 15/03/ ,000 49, , Total Bonds (Identified Cost, 14,748,785) 14,694, MFS Meridian Funds Annual Report 2017

15 SCHEDULES OF INVESTMENTS 31 January 2017 MFS Meridian Funds Absolute Return Fund, continued Instruments traded on a Regulated SHORT-TERM OBLIGATIONS (y) Bank of Nova Scotia, 1.44%, 1/09/2017 USD 210, , General Electric Co., 0.58%, 1/02/2017 5,000 5, Total Short-Term Obligations, at Amortized Cost and Value 215, Total Transferable Securities and Money Instruments Traded on a Regulated (Identified Cost, 14,963,807) 14,909, Par Amount Issuer/Expiration Month/Strike Price PUT OPTIONS PURCHASED ishares Russell 2000 ETF April 120 (Premiums Paid, 6,721) USD 47 4, Total Investments (Identified Cost, 14,970,528) 14,914, OTHER ASSETS, LESS LIABILITIES 752, NET ASSETS 15,667, See Schedules of Investments Footnotes and Notes to Financial Statements MFS Meridian Funds Asia Pacific Ex-Japan Fund (Expressed in U.S. Dollars) Instruments traded on a Regulated COMMON STOCKS Aerospace Singapore Technologies Engineering Ltd. 416, , Alcoholic Beverages China Resources Enterprise Ltd. 550,000 1,114, Apparel Manufacturers Titan Co. Ltd. 35, , Automotive Guangzhou Automobile Group Co. Ltd., H 226, , Kia Motors Corp. 7, , , Brokerage & Asset Managers Computershare Ltd. 95, , Hong Kong Exchanges & Clearing Ltd. 10, , ,190, Business Services Cognizant Technology Solutions Corp., A 30,583 1,608, Chemicals Orica Ltd. 54, , UPL Ltd. 45, , ,255, Computer Software Systems Asustek Computer, Inc. 86, , Hon Hai Precision Industry Co. Ltd. 570,579 1,531, ,284, Conglomerates CK Hutchison Holdings Ltd. 40, , Construction Reliance Worldwide Corp. Ltd. 390, , Techtronic Industries Co. Ltd. 325,000 1,122, ,982, Consumer Products AmorePacific Corp. 1, , Consumer Services China Maple Leaf Educational Systems 964, , Ctrip.com International Ltd., ADR 24,293 1,049, SEEK Ltd. 70, , ,398, Instruments traded on a Regulated Containers Brambles Ltd. 183,078 1,445, Electronics ASM Pacific Technology Ltd. 23, , Samsung Electronics Co. Ltd. 2,941 4,993, Taiwan Semiconductor Manufacturing Co. Ltd. 635,814 3,789, ,064, Energy Independent Coal India Ltd. 148, , Oil Search Ltd. 212,382 1,106, Santos Ltd. 192, , ,366, Food & Drug Stores Wesfarmers Ltd. 47,794 1,459, Furniture & Appliances Coway Co. Ltd. 11, , Gaming & Lodging Sands China Ltd. 213, , Insurance AIA Group Ltd. 554,800 3,436, AMP Ltd. 162, , AUB Group Ltd. 114, , Samsung Fire & Marine Insurance Co. Ltd. 7,222 1,671, ,630, Internet Alibaba Group Holding Ltd., ADR 29,877 3,026, NAVER Corp. 1,742 1,136, Tencent Holdings Ltd. 65,000 1,695, ,859, Major Banks BOC Hong Kong Holdings Ltd. 192, , China Construction Bank 2,993,250 2,225, Industrial & Commercial Bank of China, H 1,336, , National Australia Bank Ltd. 91,433 2,103, Westpac Banking Corp. 91,565 2,202, ,118, Medical & Health Technology & Services Sonic Healthcare Ltd. 42, , MFS Meridian Funds Annual Report

16 SCHEDULES OF INVESTMENTS 31 January 2017 MFS Meridian Funds Asia Pacific Ex-Japan Fund, continued Instruments traded on a Regulated Medical Equipment Cochlear Ltd. 6, , Fisher & Paykel Healthcare Corp. Ltd. 136, , ,466, Metals & Mining BHP Billiton Ltd. 25, , Iluka Resources Ltd. 90, , ,035, Natural Gas Distribution China Resources Gas Group Ltd. 514,000 1,634, Other Banks & Diversified Financials Banco de Oro Unibank, Inc. 380, , CYBG PLC 182, , DBS Group Holdings Ltd. 78,400 1,055, E.Sun Financial Holding Co. Ltd. 1,344, , HDFC Bank Ltd. 85,485 1,827, Kasikornbank Co. Ltd. 103, , Kotak Mahindra Bank Ltd. 118,793 1,355, Shinhan Financial Group Co. Ltd. 24, , Shriram Transport Finance Co. Ltd. 38, , Siam Commercial Bank Co. Ltd. 92, , ,004, Railroad & Shipping Pacific Basin Shipping Ltd. 3,515, , Real Estate Cheung Kong Property Holdings Ltd. 118, , City Developments Ltd. 99, , Vicinity Centres, REIT 309, , ,101, Restaurants Yum China Holdings, Inc. 33, , Specialty Chemicals Astra Argo Lestari 617, , LG Chem Ltd. 4,821 1,086, Instruments traded on a Regulated Specialty Chemicals, continued PTT Global Chemical PLC 415, , ,618, Specialty Stores Super Retail Group Ltd. 48, , Telecommunications Wireless Advanced Info Service PLC 391,900 1,780, Bharti Tele-Ventures Ltd. 111, , PLDT, Inc. 30, , ,259, Telephone Services PT XL Axiata Tbk 1,859, , Tobacco ITC Ltd. 251, , PT Gudang Garam Tbk 134, , ,574, Utilities Electric Power China Longyuan Power Group 814, , CLP Holdings Ltd. 84, , NTPC Ltd. 170, , ,923, Total Common Stocks (Identified Cost, 75,502,342) 78,857, SHORT-TERM OBLIGATIONS (y) General Electric Co., 0.58%, 1/02/2017, at Amortized Cost and Value USD 520, , Total Transferable Securities and Money Instruments Traded on a Regulated (Identified Cost, 76,022,342) (k) 79,377, OTHER ASSETS, LESS LIABILITIES 829, NET ASSETS 80,206, See Schedules of Investments Footnotes and Notes to Financial Statements MFS Meridian Funds Blended Research European Equity Fund (Expressed in Euros) Instruments Traded on a Regulated COMMON STOCKS Value ( ) Airlines Aena S.A , Apparel Manufacturers Burberry Group PLC 1,693 32, Christian Dior S.A , Compagnie Financiere Richemont S.A , LVMH Moet Hennessy Louis Vuitton SE , , Automotive Compagnie Generale des Etablissements Michelin , D Ieteren S.A. 1,354 56, PSA Peugeot Citroen S.A. 3,474 59, , Instruments Traded on a Regulated Value ( ) Brokerage & Asset Managers 3i Group PLC 5,344 43, Business Services Amadeus IT Holding S.A. 1,333 56, Atos Origin S.A , Compass Group PLC 2,085 34, Experian Group Ltd. 1,984 35, , Chemicals Arkema , Consumer Products L Oréal , Reckitt Benckiser Group PLC , Svenska Cellulosa Aktiebolaget 2,190 60, , MFS Meridian Funds Annual Report 2017